Syngene International Q1 PAT slips 4% to Rs 74 crore

Syngene International: Syngene signs 10-year biologics manufacturing agreement with US-based animal health company Zoetis. The company has signed 10-year biologics manufacturing agreement with leading animal health company, Zoetis. It will manufacture the drug substance for Librela (bedinvetmab), a monoclonal antibody used for treating osteoarthritis in dogs. Syngene's collaboration with Zoetis has started in 2011.

Contract manufacturing services firm Syngene International on Wednesday reported a 4 per cent decline in profit after tax to Rs 74 crore for the first quarter ended June 2022.

The company had posted a PAT of Rs 77 crore in the April-June quarter of last fiscal.

Its revenue from operations rose to Rs 644 crore in the first quarter against Rs 595 crore in the year-ago period, the company said in a statement.

The first quarter results were against a strong quarter last year due to sales of Remdesivir, it added. Excluding the impact of Remdesivir, the underlying revenue from operations growth in the quarter stood at around 30 per cent year-on-year, it stated.

"The first quarter results were in line with our expectations and reflect strong underlying performance across all our business divisions. The contribution from the development and manufacturing services divisions drove the growth momentum against a low base in the previous year,” Syngene International MD and CEO Jonathan Hunt noted.

The decline in profit in the quarter was expected, given the strong sales of Remdesivir last year when India was in the midst of the second wave of the pandemic, he added. No sales of Remdesivir were recorded in the first quarter this year, Hunt said.